§1-741. Standing
A. A shareholder may not commence or maintain a derivative proceeding unless the shareholder satisfies all of the following conditions:
(1) Was a shareholder of the corporation at the time of the act or omission complained of or became a shareholder through transfer by operation of law from one who was a shareholder at that time.
(2) Fairly and adequately represents the interests of the corporation in enforcing the right of the corporation.
B. A shareholder who meets the requirements of Subsection A of this Section may file a derivative proceeding to enforce a right of the corporation, but only after the shareholder satisfies the requirements of R.S. 12:1-742.
Acts 2014, No. 328, §1, eff. Jan. 1, 2015.
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